{"id":8466,"date":"2021-04-15T17:41:18","date_gmt":"2021-04-15T17:41:18","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=8466"},"modified":"2021-04-15T17:23:31","modified_gmt":"2021-04-15T17:23:31","slug":"sa-needs-new-growth-approach-as-it-lags-its-peers-says-sbi","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-needs-new-growth-approach-as-it-lags-its-peers-says-sbi","title":{"rendered":"SA needs new growth approach as it lags its peers, says SBI"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>DURBAN – THE SMALL Business Institute (SBI) said South Africa needed to re-evaluate its approach to economic growth, as its research showed that middle-income countries were on a trajectory to outperform the country in gross domestic product growth (GDP) growth in the next two years.<\/p>\n

South Africa is classified as an upper-middle-income country.<\/p>\n

SBI chief executive John Dludlu said the country needed to embrace failure as a feature of growth, admit it and learn from it.<\/p>\n

\u201cWe hope this work will encourage leaders to concede that it\u2019s time to re-evaluate ideological-driven ideas and explore more practical and growth-orientated approaches,\u201d he said.<\/p>\n

The research demonstrated that South Africa had not achieved the minimum criteria for GDP growth above population growth for almost a decade, nor had it achieved any of the aims set by the National Development Plan (NDP).<\/p>\n

The SBI commissioned the research, and researchers from the Small Business Project (SBP) conducted the studies with funding support from Exxaro.<\/p>\n

The research identified three important challenges and presented three general recommendations for the government\u2019s consideration.<\/p>\n

It said the country should strive for transparent, evidence-based policy-making, as solutions tended to be illogical when the problem was not clearly understood.<\/p>\n

Second, it recommended regulations that shifted necessary rules to red tape.<\/p>\n

Last, it said the country should sort out infrastructure to provide a stable power supply, roads and water infrastructure maintenance and development. SBI said the private sector could help and be incentivised for its expertise.<\/p>\n

To overcome the blockages that undermined South Africa\u2019s digitalisation, the research suggested that the country prioritised long-term investment in digital and relevant softer education and skills development for students, the teachers who teach them, and the employed requiring re-training.<\/p>\n

It also suggested that it sought public-private partnerships in building govtech solutions to e-governance, innovative institutions, and the execution of digitalisation capitalise on data.<\/p>\n

In its paper titled \u201cLocal champions\u201d , the SBI said this taught them about their can-do pragmatism, experimentation, and proactive engagement, which strengthened co-operation, built trust and created a sense of belonging. It said that business chambers actively fostered networking with peers to \u201ctake hands\u201d and share experiences and learning from others who had similar challenges.<\/p>\n

Big businesses could explore partnerships, and identify and connect with local champions who demonstrate leadership to help empower the communities in which they operated.<\/p>\n

Dludlu said the data showed that small businesses were disappearing at an alarming rate in South Africa even before the Covid-19 pandemic.<\/p>\n

\u201cNew business entry into the category is not sufficient to offset the exit of established businesses over the entire period our research investigated,\u201d he said.<\/p>\n

Regarding developing a compelling reason for a simplified path for the formalisation for small businesses, SBI research said there needed to be a move from a compliance and enforcement regime to one in which businesses could see the social and commercial benefits of formalising.<\/p>\n

The creation of an enabling environment was said to be achievable when pursued through the implementing transparent and methodical regulatory impact assessment methods to improve the quality of evidence-based policies, laws and regulations, Parliament strengthening parliamentary oversight, and for the government and business in partnership to support and conduct a \u201creduce red tape challenge\u201d.<\/p>\n

[email protected]<\/p>\n

BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. DURBAN – THE SMALL Business Institute (SBI) said South Africa needed to re-evaluate its approach to economic growth, as its research showed that middle-income countries were on a trajectory to outperform the country in gross domestic product growth (GDP) growth in the next two years. South Africa is classified as an upper-middle-income […]<\/p>\n","protected":false},"author":84,"featured_media":8465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-8466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSA needs new growth approach as it lags its peers, says SBI - South Africa<\/title>\n<meta name=\"description\" content=\"DURBAN - THE SMALL Business Institute (SBI) said South Africa needed to re-evaluate its approach to economic growth, as ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-needs-new-growth-approach-as-it-lags-its-peers-says-sbi\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA needs new growth approach as it lags its peers, says SBI\" \/>\n<meta property=\"og:description\" content=\"DURBAN - 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